Through a foreclosure sale, the New York-based real estate
giant buys Auberge-managed Stanly Ranch.
NAPA VALLEY, California – Blackstone, which had previously
acquired the debt on the property, has acquired the Stanly Ranch in Napa Valley,
California, through a foreclosure sale after the ownership group, SRGA LP,
defaulted on a $220 million loan tied to the 700-acre property.
The 135-room property with villas and vineyard homes opened in
2022 and will continue to be managed by Auberge Resorts Collection, according
to Blackstone.
The financial trouble for the property escalated in March when
a group involved in developing the resort filed a $100 million lawsuit against
investment partners tied to the project.
“(The) luxury resort just one hour from San Francisco, which
we believe is well positioned to benefit from rising group and leisure demand
for wellness and experiential travel, alongside the continued growth in
corporate travel to the region as AI adoption accelerates,” Blackstone Real
Estate Senior Managing Director Scott Trebilco said in a statement.
Blackstone has been bullish on the Bay Area and its
AI-related development for at least a year now, having acquired the 277-room
Four Seasons Hotel San Francisco in December for a reported $130 million.
It also acquired a 25-story office building in San
Francisco, which was subsequently leased to the AI firm Anthropic.